Steve Boland, president from Retail at Bank of America

Lender away from The united states today introduced Balance Assist™, a revolutionary new solution that provides a low-cost way for clients to manage their short-term liquidity needs, borrowing only the amount they need, up to $500. Balance Assist is the latest offering in a comprehensive set of economic possibilities and services designed to help clients bank confidently and improve their financial lives.

“Balance Let is the most recent inside the an effective gang of transparent, easy-to-fool around with approaches to assist our members funds, save your self, invest and use cautiously and you will with certainty,” told you D. “Anybody wanted the power to get to financial independence and you can balances, and are generally seeking easy, clear choices and you will guidance to assist them to along the way.”

Lender from The united states clients increases the economic exercise of the setting-up a cost savings abuse, working to generate the credit, and you may improving its cost management knowledge partly from this number of of use choices. Lead from the company’s prize-effective electronic channels and you may knowledgeable financial experts, it gang of safe banking possibilities support meet clients’ everyday financial, offers and you will lending requires, and you may includes:

Such choices and functions are available from award-winning Bank out-of The united states Cellular Banking app consequently they are backed by Erica, the electronic assistant

• Balance Assist – With this new short-term, low-cost loan, Bank of America clients can now borrow up to $500 (in increments of $100) for a $5 flat fee regardless of the amount advanced to their account. Repayments would be made in three equal monthly installments over a 90-day period. To learn more, review these additional unit details and eligibility criteria. Borrowers must have been a Bank of America checking account client for at least one year. Balance Assist is scheduled to launch in select states by and in remaining states early next year.
• SafeBalance™ – Today, over dos billion website subscribers utilize this membership, which is built to help them spend precisely the money it offer. Which have SafeBalance, there aren’t any overdraft costs together with month-to-month repairs commission was waived to have qualified students in chronilogical age of twenty-four or members signed up for our very own Prominent Benefits program. Readers tends to make costs with an effective debit card or electronically when enrolled in Zelle ® , cellular or on the web financial.
• Hold the Transform ® – Introduced in the 2005, Contain the Changes is actually the initial program of the type so you’re able to help members build discounts of the immediately depositing spare move from game upwards debit cards transactions towards a family savings. Today, more six billion clients use Keep the Alter. During the last 15 years, this program have assisted subscribers head more $15 billion excessively switch to coupons profile.
• Protected Credit – This simple and you can simpler credit card may help members expose, bolster otherwise reconstruct the borrowing from the bank. Readers can use to possess a free account that have a protection deposit from $3 hundred. Which have in charge borrowing from the bank choices, subscribers is also boost their credit history and you will, over the years, can get be considered getting its defense put came back.
• Affordable Home Loans – In early 2019, Bank of America launched its $5 billion Community Homeownership Partnership, which has already helped nearly 13,000 low- and moderate-income homebuyers achieve homeownership through low down payment loans and down payment and closing cost grants.

“I continue steadily to develop numerous imaginative methods to let our very own members go solid monetary footing,” said April Schneider, lead regarding Consumer and you will Home business Things at the Financial regarding The united states. “Choice particularly Balance Let, SafeBalance and you can Covered Card assist bring clients having monetary balances, and certainly will use them an approach to prolonged-term monetary health.”

These solutions are built to encourage good financial habits, as are additional resources available through Best Currency Habits ® , our free financial education platform that provides a simple, accessible way to connect people to the tools and education they need to help take control of their finances. Since 2013, Better Money Habits content has been viewed more than 120 million times.

Bank of America

Financial out-of The united states is just one of the world’s leading loan providers, helping personal users, smaller than average center-markets enterprises and large agencies which have the full selection of banking www.paydayloanstennessee.com/cities/athens/, expenses, house administration and other economic and risk government products. The company brings unmatched benefits in the us, serving whenever 66 billion user and you can small company readers that have approximately 4,3 hundred retail economic centers, also approximately step three,000 financing locations, dos,600 financial locations with a customer Investment Economic Choices Advisor and you can approximately 2,two hundred company stores; around 16,900 ATMs; and you will prize-successful digital financial that have around 39 million productive profiles, and whenever 31 mil cellular profiles. Financial regarding The usa was a major international commander into the wide range management, corporate and you may financial support banking and trade round the a broad directory of asset kinds, serving organizations, governments, associations and individuals around the world. Financial out of The united states offers industry-top assistance to up to step 3 billion business households using an effective suite out-of creative, easy-to-fool around with on the web services. The organization provides readers as a result of functions over the Us, the areas and you will up to 35 countries. Financial off The united states Business inventory (NYSE: BAC) try listed on the Nyc Stock-exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank out-of The usa newsroom and register for reports email address alerts.